Mortgage lendersdisclose up front that you will pay more than thepurchase priceof the home before you actually own it. In some cases, the total interest cost can add up to an amount that is near or exceeds the originalloanamount. Even shaving off several years of a mortgage by paying it ...
Savings vary based on rate and term of your existing and refinanced loan(s). Refinancing to a longer term may lower your monthly payments, but may also increase the total interest paid over the life of the loan. Refinancing to a shorter term may increase your monthly payments, but may low...
In short, the Home Affordable Refinance Program is one of the only refinance programs that allows a person to obtain a new loan without any equity in the home with the goal of obtaining a lower interest rate. It’s important to know that HARP is changing. You have until December 31, 201...
Refinance to a shorter term. Just because you signed on to a 30-year mortgage doesn’t mean you need to stick with it. If you’re only a few years in, refinancing your mortgage to a shorter term could still save you thousands—especially if rates are lower than when you got your loan...